In an interesting attempt to retest the downtrend line, Bitcoin shot up from near $8200 to $8500s in less than an hour. The chart above is based on the logarithmic scale for Bitcoin which has yet to be broken. A lot of new investors assume that we have already broken the downtrend line and Bitcoin is now in the clear but this is far from the truth. For volatile assets like cryptocurrencies, a logarithmic scale is preferred by seasoned investors. It is easy to FOMO in when you already think the downtrend line is broken and Bitcoin is probably on a new bull run. However, on the logarithmic scale, a clear rejection from the downtrend line was seen but the fate of Bitcoin’s price for the next few weeks depends on whether it closes below or above the strong downtrend line.
Read detailed analysis here: cryptodaily.co.uk/20...g-end-bearish-cycle/
Read detailed analysis here: cryptodaily.co.uk/20...g-end-bearish-cycle/
Comment:
It's happening, folks.